Southern Copper’s Cuajone mine in Peru halted by blockade (NYSE:SCCO)

Southern Copper’s Cuajone mine in Peru halted by blockade (NYSE:SCCO)

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Operations at Southern Copper’s (NYSE:SCCO) Cuajone mine in Peru have been suspended for the past 15 days, Mining.com reports, as locals continue to block access to a water reservoir and other key supplies.

The blockade reportedly began on February 28, when the company made the decision to replace a 50-year-old water pipe that supplies nearby communities.

“No one can just turn off water supplies to a group of people whatever the reason,” Velocity Trade Capital’s Pablo O’Brien told Mining.com, adding the situation is “very serious.”

Workers at the mine, which is Peru’s second largest mine and employs more than 5K people, are asking the government to mediate the conflict between the company and locals, saying their jobs and lives are at risk.

Southern Copper recently reported Q4 net income that trailed analyst estimates while copper production fell 8.5% Y/Y.

Originally Posted on: https://seekingalpha.com/news/3813893-southern-coppers-cuajone-mine-in-peru-halted-by-blockade?source=feed_tag_commodities
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